Pfizer Q1 earnings edge higher

Pfizer Q1 earnings edge higher

NEW YORK: Pfizer reported slightly higher first-quarter net profit as growth in drugs such as the blood thinner Eliquis offset declines in products with expiring patents.

Net income was US$3.1 billion, up 2.7 per cent from the year-ago period. Revenues dipped 1.7 per cent to US$12.8 billion.

Besides Eliquis, other drugs with growth included the breast cancer medicine Ibrance, the epilepsy drug Lyrica, the rheumatoid arthritis drug Xeljanz and the prostate cancer drug Xtandi, which Pfizer assumed with its 2016 acquisition of biotech company Medivation.

But revenues in Pfizer's Essential Health business, which generally comprises older products, fell nine per cent due to patent expirations for drugs including antidepressant Pristiq.

"I was pleased with our first-quarter 2017 financial performance, which was in line with our expectations, and it reinforces our confidence in the business going forward," said chief executive Ian Read.

Shares of Pfizer rose 0.4 per cent to US$33.90 in pre-market trade.

Source: AFP/de